Why Is Entrepreneurship Important?

Using any number of sources, you can find statistics about how many small businesses there are, how many workers they employ, and how much of the gross national economic output they’re responsible for. These statistics, as collected by various research firms and government agencies, reflect the economic activity of all small businesses, not just those of entrepreneurial ventures. Because we’ve made a point of distinguishing between small businesses and EVs, these statistics don’t tell the whole story. Let’s try to look at what entrepreneurship contributes. Then the questions become: How can we measure the importance of entrepreneurship? Does entrepreneurship contribute to economic vitality? And how does it do ...

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